Recent news coverage has highlighted how increased in property taxes along major streets, including Yonge street, have driven out small, local businesses.
The Municipal Property Assessment Corporation (MPAC), the independent agency that provides tax assessments for the city of Toronto, utilizes a formula that assess small two and three-storey buildings and the condo towers beside them with similar rates. As condo towers rise along the Yonge Street corridor tax rates increase for everyone.
The rise in property taxes had forced local businesses to close. Over the past month, longtime businesses including House of Lords and Elliot’s Bookshop have announced that they are closing because of property tax reassessments. Elliot’s property tax increased from $ 2,000 to $ 8,000 a month. According to the Downtown Yonge Business Improvement Area, businesses saw their property taxes shoot up by as much as 485 percent.
Small businesses help build strong communities.
As small businesses are driven out of the community, the city loses out in the long run. Vibrant cities depend on a selection of diverse business sizes and services.
Join us, as we call for property tax reform. We need the province to review existing property tax laws and how assessments affect everyone.